Tag Archives: MCX CRUDE OIL INVENTORY UPDATE

Oil prices slip as analysts warn of correction after 13 percent gain in the past month

By Henning Gloystein

SINGAPORE (Reuters) – Oil costs gave away earlier gains on Wednesday as analysts warned of a downward correction once costs have gained quite thirteen % over the past month.

Despite the decline, overall oil markets remained well supported on the rear of adjustment offer and robust world demand. The tighter fundamentals raised each crude futures benchmarks regarding thirteen % higher than levels in early December, helped by production curbs by world organization and Russia, in addition as by healthy demand growth.

Brent crude futures (LCOc1) were at $69.07 a barrel at 0441 UT, down from a high of $69.37 earlier within the day and eighteen cents below their last shut.

Brent on weekday rose to $70.37 a barrel, its highest since December 2014, that was the start of a three-year oil worth slump.

U.S. West Lone-Star State Intermediate (WTI) crude futures (CLc1) were at $63.68 a barrel, down five cents from their last settlement. WTI rose to $64.89 on Tues, additionally the best since December 2014.

Norbert Ruecker, head of artifact analysis at Swiss bank Julius Baer, same a worth “correction ought to occur… (as) hedge fund expectations for additional inflation have reached excessive levels.”

He same this was particularly the case as political risk factors that have helped boost brent goose, as well as tensions in Qatar, and therefore the Kurdish region of Asian nation and in Islamic Republic of Iran have to this point not caused vital offer disruptions.

Money managers have raised the bullish positions in WTI and Brent crude futures and options to a record, according to data from the U.S. Commodity Futures Trading Commission and the Intercontinental Exchange.

Wang Tao, Thomson Reuters commodity analyst, said Brent may fall to around $68.50 a barrel due to technical chart indicators.

Still, traders and analysts said overall oil markets were well supported, and steep price falls unlikely.

The Organization of the Petroleum Exporting Countries (OPEC) and Russia have continued to withhold production since January last year and the cuts are set to last through 2018.

This restraint has coincided with healthy oil demand.

“Oil remains underpinned by the solid economy with strong oil demand tightening global oil inventories. The past years’ surplus supplies are slowly disappearing,” Ruecker said.

One factor that in 2017 prevented crude prices from rising further was a surge in U.S. production.

Despite a recent drop due to extreme cold, U.S. crude output is expected to soon break through 10 million barrels per day (bpd), challenging top producers Russia and Saudi Arabia.

Iran unrest helps push crude oil to new multiyear highs

U.S. fossil oil rises to a replacement two-and-a-half-year high, +0.8% to $60.89/bbl, supported by anti-government protests in Iran; goose crude +0.7% to $67.08/bbl.
More than twenty individuals are killed in Iran since the turmoil stony-broke out last week, though crude and atmospheric phenomenon exports stay unaffected.
“With politics risk driving the market, the appetency of mercantilism earlier than a possible spike is restricted,” says Ole Hansen, head of goods strategy at Saxo Bank.
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Now read: Energy Fourth Quarter Review and therefore the Outlook For Q1 2018

Crude Oil Prices Bounce Higher After Larger-Than-Expected Drop in U.S. Stockpiles

Oil costs bounced higher on Wed, when information from the U.S. Energy info Administration showed that domestic crude stockpiles born way more than expected last week, marking a second consecutive week of declines.
U.S. West Texas Intermediate (WTI) crude futures gained twenty one cents, or around zero.4%, to $50.62 a barrel by 10:35 a.m. ET (14:35GMT). costs were at around $50.27 before the discharge of the inventory information.
Meanwhile, brant crude futures, the benchmark for oil costs outside the U.S., rose twelve cents, or about 0.2%, to $56.10 a barrel, when touching a two-week low of $55.39 earlier within the session.
The U.S. Energy info Administration same in its weekly report that oil inventories fell by half dozen.023 million barrels within the week all over quarter day.
Market analysts’ expected a crude-stock decline of around 756,000 barrels, whereas the yankee rock oil Institute on Tues reportable a offer drop of four.0 million barrels.
Supplies at brain doctor, Oklahoma, the key delivery purpose for Nymex crude, accrued by one.5 million barrels last week, the EIA same.
However, the report conjointly showed that fuel inventories accrued by one.644 million barrels, compared to expectations for a one.088 million barrel rise. For distillation inventories together with diesel, the EIA reportable a fall of two.606 million barrels.
Oil costs were harassed in recent sessions as an increase in U.S. drilling and better international organization output place the brakes on a rally that helped costs notch their biggest third-quarter gain in thirteen years.
In May, international organization and non-OPEC members light-emitting diode by Russia in agreement to increase production cuts of one.8 million barrels per day for a amount of 9 months till March 2018 in an exceedingly bid to scale back international oil inventories and support oil costs.
However, costs have force back around five-hitter to this point this month amid concern that U.S. producers can increase output and presumably build up even a lot of quickly to require advantage of recently higher costs.

Crude Oil Market Under Fresh Buying; Support Sen At 3072

Technically oil market is underneath recent shopping for as market has witnessed gain in open interest by one.89% to settled at 13777 whereas costs up thirty five rupees.

Now MCX oil is obtaining support at 3072 and below same may see a take a look at of 3036 level, and resistance is currently possible to be seen at 3130, a move higher than may see costs testing 3152.
Crude oil on MCX settled up one.14% at 3107 as information showed U.S. provides of oil fell for AN eighth-straight week whereas fears of falling demand for hydrocarbon relieved, following a bigger-than-expected decline in hydrocarbon inventories. costs conjointly got support buoyed by potential output disruptions from a storm approaching the seashore.
Crude oil rose for a second-straight day, as a report from the Energy data Administration (EIA) showed crude and hydrocarbon stockpiles fell last week however gains were capped as U.S. output remained at a biennial high of nine.528m barrels, up 26,000 bpd from last week.
Inventories of U.S. crude fell by roughly three.3m barrels within the week finished Gregorian calendar month eighteen, missing expectations of a draw of concerning three.5m barrels.
It was the eighth-straight week of falling crude inventories. Gains were capped, however, when the EIA’s rumored that total domestic crude production rose twenty six,000 barrels per day (bpd) to nine.528m bpd last week.
Gasoline inventories, one amongst the product that crude is refined into, fell by roughly one.2m barrels, unsupportive expectations of a draw of 643,000 barrels whereas distillation stockpiles rose by twenty eight,000 barrels, beating expectations of an increase of ninety three,000 barrels.
The steeper-than-expected decline in hydrocarbon inventories comes against expectations that hydrocarbon demand is ready to tail off, because the peak of the summer driving season has passed.
Trading Ideas:
–Crudeoil mercantilism vary for the day is 3036-3152.
–Crude oil gained as information showed U.S. provides of oil fell for AN eighth-straight week whereas fears of falling demand for hydrocarbon relieved.
–Prices conjointly got support buoyed by potential output disruptions from a storm approaching the seashore.
–Inventories of U.S. crude fell by roughly three.3m barrels within the week finished Gregorian calendar month eighteen, missing expectations of a draw of concerning three.5m barrels.

Oil prices turn higher after U.S. inventory data

Oil costs turned higher on Wed, when knowledge from the U.S. Energy data Administration showed that domestic crude provides fell but expected last week, however that fuel stocks declined way more than forecast.

The U.S. West Lone-Star State Intermediate crude Sep contract was at $47.99 a barrel by 10:35 am ET (14 :35GMT), up sixteen cents, or around zero.33%. costs were at around $47.78 before the discharge of the inventory knowledge.
Elsewhere, brant goose oil for Oct delivery on the ICE commodity exchange in London tacked on thirty four cents, or 0.67%, to $52.19 a barrel.
The U.S. Energy data Administration aforementioned in its weekly report that fossil fuel inventories fell by three.33 million barrels within the week complete August eighteen.
Market analysts’ expected a crude-stock decline of around three.45 million barrels, whereas the yankee fossil fuel Institute late Tuesday reportable a supply-drop of three.6 million barrels.
However, the API report additionally showed a gain of one.4 million barrels in fuel stocks, whereas distillation stocks rose by a pair of.0 million barrels.
Supplies at Harvey Cushing, Oklahoma, the key delivery purpose for Nymex crude, declined by 503,000 barrels last week, the EIA aforementioned.
The EIA report additionally showed that fuel inventories born by one.22 million barrels.
For distillation inventories together with diesel, the EIA reportable a rise of twenty eight,000 barrels.
Oil costs were pressured lower earlier within the day, amid current international offer glut considerations.
Libya’s Sharara oil field, the country’s largest, step by step restarted on Tuesday when a termination earlier this month attributable to a pipeline blockade. Output from the field recently reached 280,000 barrels per day.
Elsewhere on Nymex, fuel futures for Sep climbed one.11%, to $1.585 a gallon, whereas Sep oil advanced cents zero.74 % to $1.6047 a gallon.
Natural gas futures for Sep delivery fell zero.44% to $2.894 per million British thermal units.

MCX Crude Oil Inventory

MCX Crude Oil Inventory

MCX Commodity Inventories plays a crucial role in artefact mercantilism, specially in future mercantilism. It directly provides you an inspiration regarding artefact demand and provide. Inventories of commodites, with low inventories generally resulting in a lot of volatile future costs and increasing the danger of a “stockout” (inventory exhaustion). artefact Calls collects the information for its members from varied sources and gift it for the your convenience. Inventory knowledge of  mcx commodities is employed on the connection between crude oil inventories and artefact futures risk premiums.

Oil struggles ahead of official U.S. inventories report

Oil Wed struggled to recoup early losses as trade figures showed an increase in U.S. crude stocks.

Станок-качалка компании PetroChina на нефтяном месторождении в Китае 4 ноября 2007 года. Нефть Brent упала во вторник до нового 5,5-летнего минимума, так как опасения о переизбытке поставок перевесили страхи, вызванные срывом добычи в Ливии. REUTERS/Stringer

U.S. crude was off twelve cents, or 0.27%, at $44.12 at 08:00 ET. brant goose was off one cent. or 0.02% at $46.91.
The yankee crude oil Institute Tues reportable an increase of 851,000 barrels in U.S. crude stocks within the latest week
The Energy info Administration is thanks to unleash official inventories later within the session.
The EIA is forecast to report a fall in U.S. crude stocks of two.585 million barrels.
Supply issues stay in situ as higher U.S. output undermines the impact of production cuts by major producers.
Nigeria and African country, that area unit exempt from the OPEC-led cuts, have conjointly raised output.
OPEC and non-OPEC producers have united to cut back output by one.8 million barrels each day through to March of next year.
The curbs in production have didn’t build the required inroads into high inventories.

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